Challenges: Friedman became the court appointed receiver of Indian Wells Apartments on October 15, 2012, which transitioned into a management (REO) assignment on February 20, 2013. At the time of the receivership order, the physical occupancy was 82.39% and 15.16% delinquent. Additionally, within 60 days of transition the property was scheduled for an audit/inspection with the Arizona State Housing Finance Agency. The focus was to increase occupancy, both physical and economic, to bring the property into compliance with the Arizona State Housing Finance Agency and correct physical deficiencies.
Solutions: A strict resident screening policy was implemented in addition to all files being reviewed and approved prior to move in or renewal by our compliance department. A zero tolerance policy for resident delinquencies and disturbances was enforced. Also, improvements were made to the curb appeal that include; landscape enhancements, signage, parking lot repairs, pool improvements and clubhouse redecorating. And a rent waiver request was submitted Arizona State Housing Finance Agency for the property to be released from their “deep skewed rental structure”.
Results: The property passed its audit/inspection with the Arizona State Housing Finance Agency and was granted relief from its “deep skewed rents”, rentals at 30% and 40% of the area median income.